4. AI的本质，不是在把人往外挤，而是在把人往上托。 1. 1000天后的世界，我们该如何在场？ 2. 1000天，恰恰是一个既能被预见、又足以被颠覆的时间尺度——它足够我们制定一个像样的计划，又短到能让我们 亲眼看到这个计划如何变轨。 3. 1000天后的世界，不是凭空而来的，它就藏在今天实干家们的行动里。 5. AI就像我们每个普通人触手可及的"外挂"和"搭档"，帮我们扛走那些重复、枯燥的"搬砖活"，让我们更专注于那些 需要情感、创意和复杂沟通的事情。 6. 今天AI到来，淘汰的不是从业者，而是不会与AI协作的从业者。 7. 1000天后的AI赢家，不是那些懂技术的人，而是那些会用技术解决实际问题的人，是能让AI成为个人能力"放大 器"的人。 8. 紫领，就是那些深谙业务逻辑，同时善于借助AI工具解决复杂现场问题的"跨界解决方案专家"。 9. 在AI面前，全世界的学校其实都只有3岁。 10. 未来孩子一生的使命，不是选对一个专业，而是去"发明"一个全世界只有我最胜任的职业。 11. 一个人能够定义一个独特问题，找到有需求的场景，研发出可定价的产品，发展出从生产、营销到交付的完整流 程，再把自己的爱好放进 ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of HKD 614.34 [6] Core Insights - Tencent's 1Q revenue grew by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit increased by 22% year-on-year, also surpassing expectations by 2.5% [1][4] - The growth in the gaming sector is expected to remain robust despite high base effects in the upcoming quarters, driven by the long-term operation of Tencent's games and the expansion of WeChat's mini-store [1][4] - The advertising business saw a significant increase, with 1Q advertising revenue growing by 20.2% year-on-year, and WeChat's mini-store advertising consumption increasing nearly fourfold from February to April [2][4] Revenue and Profitability - For 2025, Tencent's revenue is projected to reach RMB 735.52 billion, with a year-on-year growth rate of 11.4%. The adjusted net profit is expected to be RMB 262.69 billion, reflecting a growth of 17.95% [5][30] - The gross profit margin for 1Q was reported at 55.8%, indicating a year-on-year improvement [31] Business Segments - The value-added services segment, which includes gaming, saw a 17% year-on-year increase in revenue, with domestic game revenue growing by 24% [3][31] - The advertising segment's revenue growth was driven by a 60% increase in video account revenue, highlighting the effectiveness of Tencent's advertising strategies [2][31] Future Outlook - The report anticipates continued growth in Tencent's revenue and adjusted net profit for 2026 and 2027, with slight adjustments to previous forecasts due to changes in capital expenditure and depreciation rates [4][30] - The introduction of AI capabilities and the establishment of an independent e-commerce department within WeChat are expected to further enhance Tencent's growth potential [10][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 614.34 HKD [6][7]. Core Insights - The company's revenue for Q1 increased by 13% year-on-year, exceeding consensus expectations by 2.5%. The adjusted net profit grew by 22% year-on-year, also surpassing expectations by 2.5% [1]. - The advertising revenue in Q1 grew by 20.2% year-on-year, significantly above consensus expectations, with a notable 60% increase in revenue from video accounts [2]. - Domestic game revenue rose by 24% year-on-year, with a strong pipeline of new games set to launch [3]. - The company has adjusted its revenue forecasts for 2025-2027 upwards by 0.6%, 0.5%, and 0.5% respectively, driven by the growth of the WeChat mini-store and AI product integration [4][31]. Revenue and Profitability - The projected revenue for 2025 is 735.52 billion RMB, with a year-on-year growth rate of 11.4%. The adjusted net profit for 2025 is forecasted to be 262.69 billion RMB, reflecting a growth of 17.95% [5][31]. - The gross profit margin for Q1 was reported at 55.8%, indicating a healthy profitability trend [12]. Business Segments - The value-added services segment, which includes gaming, saw a 17% increase in revenue, while the online advertising segment experienced a 20.2% growth [5][32]. - The WeChat mini-store has shown significant growth potential, with advertising consumption increasing nearly fourfold from February to April [2][13]. Future Outlook - The company is expected to benefit from the continued expansion of its WeChat mini-store and the integration of AI capabilities, which are anticipated to enhance user engagement and drive revenue growth [4][18]. - The upcoming launch of new games, particularly the mobile version of "Valorant," is expected to attract a substantial user base and contribute to revenue growth [22][23].